How to buy or sell Bitcoins in Pakistan?

How to buy or sell Bitcoins in Pakistan?

In our last article, we answered, what are Bitcoins? How are they created? And where they can be used? Now it’s time to learn to use them. Many people in Pakistan look forward to investing in Bitcoins, but they don’t find any online guidance for getting embarked with it. In order to cater this need, I am sharing detailed steps involved in buying and selling bitcoins in Pakistan.

The exchange we will use is LocalBitcoins. The reason for this choice is that a large number of Pakistani vendors are available there, thus we can do transactions in Rupees through our local banks. Another reason is that many payment options are available (eg. cash, online bank transaction, Western Union etc.) and transaction are processed very prompt, usually within an hour. Let’s see how to get commenced with LocalBitcoins.

NOTE: If you are buying Bitcoin as an investment, please do so at your own risk. Past growth doesn’t necessarily assure future growth and high profits in come back.

How to buy bitcoins

  1. Signup at LocalBitcoins. Add your phone number and also make use of two step verification for enhanced security. Prove our identity by uploading scanned CNIC or passport. You can still buy and sell without proving your identity but some vendors may require it for large transactions. You are now registered and also have a bitcoin wallet.
  2. Go to the main page and select Quick Buy. Come in the amount for which you want to buy bitcoins. Choose the transaction method.
  3. Upon searching you will see a list of traders suggesting to sell bitcoins. Choose the one with the good reputation and high response time. The very first trader ‘rajahamzanisar (13; 100%)’ has done thirteen trades and has 100% positive reputation. Also, beware of price per Bitcoin asked by the seller.
  4. After you select a trader you will see information about terms of trade. If you agree to terms then proceed by clicking on ‘Send the trade request’.
  5. Extra information about where to send the money will be generated. You will have a limited time, usually ninety minutes, to transfer money. Your bitcoins will be available in your wallet once the seller has verified the payment. In case the bitcoins aren’t transferred to your account, you can mark the transaction as a dispute. Disputes are usually resolved in twenty four to forty eight hours.

How to sell bitcoins

  1. Selling bitcoins isn’t much different than buying. Just go to the main page and select ‘Quick Sell’ and inject the amount in rupees for which you want to sell bitcoins. Chose the payment method (eg. Easypaisa).
  2. Select a trader of your choice and press sell. You will see terms of trade and other information about the trader. Take into account the reputation and trade history of the trader before sending the request.
  3. Send the trade request. The buyer will contact you and ask for payment details (eg. your account number, in case you selected bank transaction method).
  4. Once you have received payment click on ‘Release bitcoins’ to produce them to the buyer. In case you accidentally released bitcoins before payment there is no going back. Transaction once made cannot be reversed.

How to use bitcoins

Once you have acquired bitcoins, you can access them through your wallet and use them wherever they are acceptable.

  1. To send bitcoins to someone just click on ‘Send bitcoins’. Inject the address of the other person’s wallet where you want to send. Come in the amount and proceed. Your bitcoins will be sent to the address.
  2. To receive Bitcoin just generate the address of your wallet by clicking on ‘Receive bitcoins’. Send it to the person who wants to send you bitcoins. That’s all folks.

LocalBitcoins is more like an online marketplace where buyers and sellers are connected with each other. The transaction fees are low and are applied only if other person’s wallet is outside LocalBitcoins. The best thing is that this service is available in Pakistan. If you have any questions feel free to leave your comment below.

In the next story, we will talk about different kind of wallets for storing cryptocurrencies specially Bitcoins.

How to buy or sell Bitcoins in Pakistan?

How to buy or sell Bitcoins in Pakistan?

In our last article, we answered, what are Bitcoins? How are they created? And where they can be used? Now it’s time to learn to use them. Many people in Pakistan look forward to investing in Bitcoins, but they don’t find any online guidance for getting began with it. In order to cater this need, I am sharing detailed steps involved in buying and selling bitcoins in Pakistan.

The exchange we will use is LocalBitcoins. The reason for this choice is that a large number of Pakistani vendors are available there, thus we can do transactions in Rupees through our local banks. Another reason is that many payment options are available (eg. cash, online bank transaction, Western Union etc.) and transaction are processed very swift, usually within an hour. Let’s see how to get embarked with LocalBitcoins.

NOTE: If you are buying Bitcoin as an investment, please do so at your own risk. Past growth doesn’t necessarily assure future growth and high profits in comeback.

How to buy bitcoins

  1. Signup at LocalBitcoins. Add your phone number and also make use of two step verification for enhanced security. Prove our identity by uploading scanned CNIC or passport. You can still buy and sell without proving your identity but some vendors may require it for large transactions. You are now registered and also have a bitcoin wallet.
  2. Go to the main page and select Quick Buy. Inject the amount for which you want to buy bitcoins. Choose the transaction method.
  3. Upon searching you will see a list of traders suggesting to sell bitcoins. Choose the one with the good reputation and high response time. The very first trader ‘rajahamzanisar (13; 100%)’ has done thirteen trades and has 100% positive reputation. Also, beware of price per Bitcoin asked by the seller.
  4. After you select a trader you will see information about terms of trade. If you agree to terms then proceed by clicking on ‘Send the trade request’.
  5. Extra information about where to send the money will be generated. You will have a limited time, usually ninety minutes, to transfer money. Your bitcoins will be available in your wallet once the seller has verified the payment. In case the bitcoins aren’t transferred to your account, you can mark the transaction as a dispute. Disputes are usually resolved in twenty four to forty eight hours.

How to sell bitcoins

  1. Selling bitcoins isn’t much different than buying. Just go to the main page and select ‘Quick Sell’ and inject the amount in rupees for which you want to sell bitcoins. Chose the payment method (eg. Easypaisa).
  2. Select a trader of your choice and press sell. You will see terms of trade and other information about the trader. Take into account the reputation and trade history of the trader before sending the request.
  3. Send the trade request. The buyer will contact you and ask for payment details (eg. your account number, in case you selected bank transaction method).
  4. Once you have received payment click on ‘Release bitcoins’ to supply them to the buyer. In case you accidentally released bitcoins before payment there is no going back. Transaction once made cannot be reversed.

How to use bitcoins

Once you have acquired bitcoins, you can access them through your wallet and use them wherever they are acceptable.

  1. To send bitcoins to someone just click on ‘Send bitcoins’. Come in the address of the other person’s wallet where you want to send. Inject the amount and proceed. Your bitcoins will be sent to the address.
  2. To receive Bitcoin just generate the address of your wallet by clicking on ‘Receive bitcoins’. Send it to the person who wants to send you bitcoins. That’s all folks.

LocalBitcoins is more like an online marketplace where buyers and sellers are connected with each other. The transaction fees are low and are applied only if other person’s wallet is outside LocalBitcoins. The best thing is that this service is available in Pakistan. If you have any questions feel free to leave your comment below.

In the next story, we will talk about different kind of wallets for storing cryptocurrencies specially Bitcoins.

How to buy or sell Bitcoins in Pakistan?

How to buy or sell Bitcoins in Pakistan?

In our last article, we answered, what are Bitcoins? How are they created? And where they can be used? Now it’s time to learn to use them. Many people in Pakistan look forward to investing in Bitcoins, but they don’t find any online guidance for getting commenced with it. In order to cater this need, I am sharing detailed steps involved in buying and selling bitcoins in Pakistan.

The exchange we will use is LocalBitcoins. The reason for this choice is that a large number of Pakistani vendors are available there, thus we can do transactions in Rupees through our local banks. Another reason is that many payment options are available (eg. cash, online bank transaction, Western Union etc.) and transaction are processed very swift, usually within an hour. Let’s see how to get commenced with LocalBitcoins.

NOTE: If you are buying Bitcoin as an investment, please do so at your own risk. Past growth doesn’t necessarily ensure future growth and high profits in comeback.

How to buy bitcoins

  1. Signup at LocalBitcoins. Add your phone number and also make use of two step verification for enhanced security. Prove our identity by uploading scanned CNIC or passport. You can still buy and sell without proving your identity but some vendors may require it for large transactions. You are now registered and also have a bitcoin wallet.
  2. Go to the main page and select Quick Buy. Come in the amount for which you want to buy bitcoins. Choose the transaction method.
  3. Upon searching you will see a list of traders suggesting to sell bitcoins. Choose the one with the good reputation and high response time. The very first trader ‘rajahamzanisar (13; 100%)’ has done thirteen trades and has 100% positive reputation. Also, beware of price per Bitcoin asked by the seller.
  4. After you select a trader you will see information about terms of trade. If you agree to terms then proceed by clicking on ‘Send the trade request’.
  5. Extra information about where to send the money will be generated. You will have a limited time, usually ninety minutes, to transfer money. Your bitcoins will be available in your wallet once the seller has verified the payment. In case the bitcoins aren’t transferred to your account, you can mark the transaction as a dispute. Disputes are usually resolved in twenty four to forty eight hours.

How to sell bitcoins

  1. Selling bitcoins isn’t much different than buying. Just go to the main page and select ‘Quick Sell’ and come in the amount in rupees for which you want to sell bitcoins. Chose the payment method (eg. Easypaisa).
  2. Select a trader of your choice and press sell. You will see terms of trade and other information about the trader. Take into account the reputation and trade history of the trader before sending the request.
  3. Send the trade request. The buyer will contact you and ask for payment details (eg. your account number, in case you selected bank transaction method).
  4. Once you have received payment click on ‘Release bitcoins’ to supply them to the buyer. In case you accidentally released bitcoins before payment there is no going back. Transaction once made cannot be reversed.

How to use bitcoins

Once you have acquired bitcoins, you can access them through your wallet and use them wherever they are acceptable.

  1. To send bitcoins to someone just click on ‘Send bitcoins’. Inject the address of the other person’s wallet where you want to send. Come in the amount and proceed. Your bitcoins will be sent to the address.
  2. To receive Bitcoin just generate the address of your wallet by clicking on ‘Receive bitcoins’. Send it to the person who wants to send you bitcoins. That’s all folks.

LocalBitcoins is more like an online marketplace where buyers and sellers are connected with each other. The transaction fees are low and are applied only if other person’s wallet is outside LocalBitcoins. The best thing is that this service is available in Pakistan. If you have any questions feel free to leave your comment below.

In the next story, we will talk about different kind of wallets for storing cryptocurrencies specially Bitcoins.

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